Of all of the concerns that seniors express when asked about their situation, outliving their savings is one that comes up first and most commonly. A couple of factors make this concern more pressing than it was in previous generations. One is simply that people can expect to enjoy longer lives. The other is that the savings products that used to perform well just aren’t providing good returns these days. It is hard to plan for a retirement that could last for decades, but the earlier plans are made, the better they usually turn out.
The earlier that people can do something about their retirement savings, the better. Once people are already elderly and have used up a lot of their money, it’s more difficult to really improve the situation. A couple of suggestions that can help stretch savings and offer peace of mind may include:
- Find a good financial adviser who has experience working with retirees and those who are planning for retirement.
- Try to plan for future medical needs.
- Consider downsizing ideas that might help reduce the cost of living.
- If possible, it might be a good idea to delay retirement for a few years to help increase retirement savings.
- Try to look for programs that might help increase income or subsidize living or health expenses.
Learn how to avoid costly penalties by reading
"The New to Medicare Guide: How to Get Started"